Finance Minister Nirmala Sitharaman while presenting the Interim Budget for 2024–25 on 01 February, 2024 said that coal gasification and liquefaction capacity of 100 MT will be set up by 2030. The Budget has focused on various green energy projects. Announcements in the sector include coal gasification, electrification, and offshore wind projects.

The Finance Minister also announced setting up viability gap funding (VGF) to tap the offshore wind energy potential for an initial capacity of one GW. Along with the coal gasification and liquefaction capacity of 100 metric tonne (MT) by 2030, financial assistance for the procurement of biomass aggregation machinery to support collection has been announced. This will also help in reducing imports of natural gas, methanol, and ammonia. 

Under gasification process, coal is converted into liquid fuel called syngas used as fuel for steel production, and increasing capacity is also expected to give fillip to end-user sectors like steel, chemicals and petrochemicals.

The Minister informed that the phased mandatory blending of compressed biogas (CBG) with compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes will be mandated. The government would expand and strengthen the electric vehicle ecosystem by supporting manufacturing and charging infrastructure, the FM further stated that announced payment security mechanisms.

A scheme for bio-manufacturing and bio-foundry has also been announced. This scheme hopes to provide environment-friendly alternatives such as biodegradable polymers, bioplastics, biopharmaceuticals, and bioagricultural inputs. The Blue Economy 2.0 scheme for coastal aquaculture and mariculture with an integrated and multi-sectoral approach will also be launched.